The efficiency of Bitcoin (BTC) network was highlighted by the CEO of cryptocurrency exchange Bitstamp after Bitcoin worth $1 billion was remitted for a charge of $4.
BitInfoCharts, which monitors blockchain, revealed that 112,027.29 BTC changed hands through wallet and storage service provider Xapo.
Earlier, Bitstamp had moved 107,800 BTC to Xapo by paying a fee of just 0.0234 BTC or 0.0000217% of the total value of the transaction.
The consecutive transactions, managed by Xapo, recorded further drop in fees paid to miner to validate a transaction. The sum of $3.89 paid for the aforementioned transaction represents just 4.17×10-7 % of the total value of the transaction.
The entire transaction was summarized by Bitstamp CEO Nejc Kodrics in a single statement. He said “transferred in a single transaction for the price of a cup of coffee.”
When the first deal happened, crypto enthusiasts pointed out how simple it is to utilize Bitcoin for transferring large pile of money without government authorization or intermediary.
Nevertheless, Bitstamp forwarding cryptos to Xapo sparked interest for another reason. The transaction has resulted in 73 million Bitcoin Days Destroyed (BDD). That implies the cryptos involved in the transaction had remained frozen for a considerable period of time before moving out of the Bitstamp wallet. BDD can be utilized to measure investor sentiment as per cryptocurrency analysts.
